The structure and operation of the superannuation industry

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The structure and operation of the superannuation industry

7 August 2007

© Commonwealth of Australia 2007
ISBN 978-0-642-71809-9

View the report as a single document - (PDF 1382KB)

View the report as separate downloadable parts:

Members of the Committee (PDF 139KB)
 
Duties of the Committee (PDF 130KB)
 
Terms of Reference (PDF 129KB)
 
Executive Summary (PDF 189KB)
 
Recommendations (PDF 110KB)
 
List of abbreviations (PDF 131KB)
 
Chapter 1 - Introduction (PDF 163KB)

Background
Conduct of the inquiry
Committee’s approach
Report structure and chapter summary
Acknowledgements
 
Chapter 2 - Prudential framework, industry trends and benchmarking international practice (PDF 276KB)

Background
Prudential regulation
Regulators
Prudential framework
Committee view
Industry trends: A snapshot
Benchmarking international practice
 
Chapter 3 - Transparency in reporting requirements (PDF 300KB)

Promotional advertising
’Not for profit’ funds and service providers
Regulatory overlap
 
Chapter 4 - Member investment choice and the role of the trustee (PDF 262KB)

Member investment choice
 
Chapter 5 - Capital requirements and other safety issues (PDF 308KB)

Capital requirements and unit pricing
APRA standards
Funding prudential regulation
Compensation arrangements
Portability and exit fees
Safeguarding lost superannuation
 
Chapter 6 - The cost and accessibility of financial advice (PDF 339KB)

Legislative framework
The role and significance of financial advice on superannuation
The provision of affordable limited advice
Suggested regulatory changes
Committee view
Comprehensible disclosure material
 
Chapter 7 - Remuneration models for financial advice (PDF 357KB)

Legislative standard for financial advice
Remuneration models
Sales-based remuneration and the quality of advice
Remedies to improve the quality of advice
Education and financial literacy
 
Chapter 8 - Self-managed superannuation funds (PDF 271KB)

Self managed super funds
Regulatory and compliance arrangements
Possibility of minimum threshold for viability
Limiting owner numbers
The appropriateness of the ATO as regulator of SMSFs
Australian Financial Services Licence: accountants’ exemption
 
Supplementary Report by Labor Members (PDF 125KB)
 
Appendix 1 - Submissions received by the Committee (PDF 112KB)
 
Appendix 2 - Public Hearings and Witnesses (PDF 109KB)
 
Appendix 3 - Additional information, tabled documents, and answers to questions on notice (PDF 157KB)
 
Appendix 4 - Senator Chapman’s Adjournment speech, Industry Super Network’s response and Questions on Notice to Industry Super Network and Mr Garry Weaven (PDF 214KB)
 
Appendix 5 - APRA’s 10 years of superannuation statistics* (PDF 301KB)
*PDF Format Only  

For further information, contact:

Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600
Australia

Phone: +61 2 6277 3583
Fax: +61 2 6277 5719
Email: corporations.joint@aph.gov.au